International Business in Illinois
Rielly, Shannon M.
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International business has become an increasingly important part of the domestic economy. Many jobs rely on importing and exporting. In a country as large as the United States it is harder to generalize the impact of international trade, so it can be more valuable to examine the individual states. In the following paper, international business is Illinois will be discussed. If Illinois were a country, it would have the 13th largest GNP in the world. It plays an important role in the world market, and as a result, is greatly affected by the global economy. Illinois has an infrastructure that is very attractive to foreign businesses. Illinois is centrally located and easily accessible by land, sea and air. It is home to a top notch educational system and a highly trained workforce. Chicago is also a major financial center of the U.S .. While Illinois has a lot to offer foreign businesses, they also stand a lot to gain. 21% of all manufacturing jobs rely on exporting. Direct foreign investment is also important, with Japan being a leading investor. Despite controversy which often surrounds direct foreign investment, Illinois does all it can to promote itself as a location for such investment. The Illinois Department of Commerce and Community Affairs is the leading agency promoting Illinois exports and foreign investment in Illinois. The International Business Division has four offices in Illinois and ten offices abroad, including Russia, Eastern Europe and the People's Republic of China. The International Business Division's many roles include promoting, advising, and researching. They even provide assistance to individual companies on a one to one basis. The work of Illinois' International Business Division is considered a model for the rest of the states' similar agencies to follow. There are other agencies also involved in promoting international business in Illinois. One example is the International Visitors Center of Chicago. This is a non-profit, private, membership organization which arranges professional appointment for foreign guests of the United States Government. Through the International Visitors Center, many Chicagoans are given the opportunity to meet people from all over the world, which can lead to business contacts or simply a greater knowledge of another culture and market. As international business becomes more conventional, an increasing number of smaller companies are getting involved. Some of these companies are even finding their primary markets to be abroad. Illinois is home to a lot of businesses fitting this pattern. Illinois is a resourceful and diverse state with a growing role in the global market. Economic theory justifies international trade to an economist. In Illinois, international trade justifies itself.